WASHINGTON -- The Department of Veterans Affairs said it made the first public offering of real estate investment conduits (Remics) on Juen 15.

The department's certificates, dubbed Vinnie Macs, are the first such multiclass mortgage securities ever issued with a full-faith government guarantee of timely payment of principal and interest.

First Boston Corp. led a syndicate of underwriters for the $390 million debut issue, which was priced June 17. The investment bank said the pricing surpassed that of comparable Remic securities guaranteed by the Federal National Mortgage Association and Federal Home Loan Mortgage Corp.

The VA anticipates issuing about $1 billion of Vinnie Mac certificates a year, backed by home loans to eligible military personnel and veterans.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.